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Only 13 States Tax Social Security Payments

June 01, 2018
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Only 13 States Tax Social Security Payments

So who are the lucky Americans? (Lucky defined as John's sarcasm)

Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, West Virginia

I'm sharing this because it surprised me at a deep level. I expected some of the high tax, high spending states to be in there. In addition to the 37 states not listed, Washington DC also does NOT tax SSI. (www.ssa.gov)

Many states, like Pennsylvania and others do not tax retirement income. Some make it up with high property taxes and sales taxes. So my old stomping ground of NJ does not tax SSI, but you pay through the nose for property taxes, Sales tax, and User taxes (Toll roads, bridges, etc)Do not make your retirement decision on one factor only, we must always balance all the variables and moving parts. After you pick where you would like to live as a resident, I can provide third party resources and help you analyze and weigh the pros and cons!

Have a great weekend everyone!

As always, feel free to share this...and if you received it from someone and wish to be added to my distribution list, just email me back and I will add you.

John